Thanks Alex. So far so good. Surandy, you are right that there...

Thanks Alex. So far so good.

Surandy, you are right that there have been major declines in print volumes. That will continue, no doubt, but I suspect the rate of decline ihas peaked.

But no one is calling PMP the next Apple ! The buy case is simply on valuation. If you can find me a stock in a growth market that trades on a 2014 EBITDA to enterprise multiple of just 2x, a 70% discount to NAV, and an enterprise value to turnover ratio of 0.15, good luck to you.

You asked about where the cash is going. The answer is simple. Into the closure of the Chullora plant. They have already provided for this, but the cash costs have yet to be incurred. I have no doubt that this will not be the last restructuring under the new CEO, Peter George, who, by the way, is cut from a very different cloth than his predecessor.

I increased my bet today as I"m increasingly confident that Peter George, who already has a string turnaround record, is worth backing.